Cho Landscaping began construction of a new plant on December 1, 2022 (all amounts in thousands). On this date, the company purchased a parcel of land for $139,000 in cash. In addition, it paid $2,000 in surveying costs and $4,000 for a title insurance policy. An old dwelling on the premises was demolished at a cost of $3,000, with $1,000 being received from the sale of materials. Architectural plans were also formalized on December 1, 2022, when the architect was paid $30,000. The necessary building permits costing $3,000 were obtained from the city and paid for on December 1 as well. The excavation work began during the first week in December with payments made to the contractor in 2023 as follows. Date of Payment Amount of Payment March 1 $240,000 May 1 July 1 330,000 60,000 The building was completed on July 1, 2023. The fair value of the building was $704,000, and it was estimated that it will have a useful life of 15 years, no residual value. Cho uses Sum-of-year'-digits method to compute depreciation expense. To finance construction of this plant, Cho borrowed $600,000 from the bank on December 1, 2022. Cho had no other borrowings. The $600,000 was a 3-year loan bearing interest at 8%. Excess funds from the loan were invested during 2022 and earned $2,000. During 2023, the excess funds from the loan earned $1,000. Instructions (20%) Compute the book value in each of the following items at December 31, 2022, and December 31, 2023. a. Land. b. Buildings. c. Interest Expense.